Quess Corp to acquire stake in Terrier Security Services

Quess will acquire a 64 per cent stake in Comtel, while the balance would be acquired in a phased manner over 2018-20, it added.

Oct 20, 2016 04:10 IST India Infoline News Service

Quess Corp said it has entered into agreements to acquire stakes in Comtel Solutions and two domestic firms - Terrier Security Services and Simpliance Technologies - for undisclosed sums.

"The company has entered into a binding agreement of terms to acquire a majority stake in Comtel Solutions Pte Ltd marking Quess entry into the technology staffing domain in Singapore, the company said in a filing to the BSE.

Quess will acquire a 64 per cent stake in Comtel, while the balance would be acquired in a phased manner over 2018-20, it added.

Commenting on the acquisition, Quess Corp chairman and CEO Ajit Issac said: "I see our partnership with Terrier as a strategic fit as it provides us a foothold into the manned guarding and security solutions space."

Share price:

Quess Corp Ltd is currently trading at Rs 646.7, up by Rs 49.8 or 8.34% from its previous closing of Rs 596.9 on the BSE.

The scrip opened at Rs 611 and has touched a high and low of Rs 655 and Rs 609 respectively. So far 788291(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 7565.63 crore.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 651.25 on 04-Aug-2016 and a 52 week low of Rs 452.4 on 14-Jul-2016. Last one week high and low of the scrip stood at Rs 615.9 and Rs 569.05 respectively.

The promoters holding in the company stood at 89.54 % while Institutions and Non-Institutions held 5.62 % and 4.85 % respectively.

The stock is currently trading above its 50 DMA.

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